Rio Tinto clears $144 million Resolution Copper investment months after court dispute
RIO•Rio Tinto approved a $144 million investment to advance the Resolution Copper project in Arizona, including Rio Tinto’s $79 million share. The 55%-Rio Tinto, 45%-BHP joint venture will use the funding for feasibility studies and engineering design.
1. Funding advances project work
The investment will fund feasibility studies and design engineering for mining equipment and water treatment facilities. Rio Tinto expects the project to create about 50 additional roles.
2. Mine plans and output
Rio Tinto said in March it aimed to open the mine by the mid-2030s. The project is slated to produce more than 40 billion pounds (18.1 million metric tons) of copper over its life and supply more than a quarter of U.S. demand.
